A Quote by Ben Bernanke
As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.
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Large credit guarantees also impede optimal allocation of financial resources and increase moral hazard.
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New York is safer than it has been - and it's getting safer. But it's never safe. As the financial and communications capital of the world, this is where terrorists want to make a statement, where they get the most bang for the buck.
The powers of congress must be defined, but their means must be adequate to the purposes of their constitution. It is possible there may be abuses and misapplications; still, it is better to hazard something than to hazard at all.
Don't reward bad behavior. It is one of the first rules of parenting. During the financial cataclysm of 2008, we said it differently. When we bailed out banks that had created their own misfortune, we called it a 'moral hazard,' because the bailout absolved the bank's bad acts and created an incentive for it to make the same bad loans again.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
Fear, coercion, punishment, are the masculine remedies for moral weakness, but statistics show their failure for centuries. Why not change the system and try the education of the moral and intellectual faculties, cheerful surroundings, inspiring influences? Everything in our present system tends to lower the physical vitality, the self-respect, the moral tone, and to harden instead of reforming the criminal.
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.
Hazard has conditioned us to live in hazard. All our pleasures are dependent on it. Even though I arrange for a pleasure, and look forward to it, my eventual enjoyment of it is still a matter of hazard. Wherever time passes, there is hazard.
I believe that the financial crisis of 2008/9 exposed more a lack of ethics and morality - especially by the financial sector - rather than a problem of regulation or criminality. There were, of course, regulatory lessons to be learned, but at heart, there was a collective loss of our moral compass.
When you make a movie outside the system and it's successful critically or a moderate financial success, you usually have to go back into the system and make a big hit.
When you make a movie outside the system and it's successful critically or a moderate financial success, you usually have to go back into the system and make a big hit
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